TriumphPay and Trax Group, Inc. today announced a strategic partnership in which TBK Bank, SSB d/b/a TriumphPay has invested $9.7 million as a minority stake in Trax, a leading provider of solutions for transportation expenditure management. Trax will also integrate with the TriumphPay payment network, allowing it to offer improved payment options as part of its platform for managing transportation spend.
To make sure the alliance succeeds, Josh Bouk, the former president of Trax, will join TriumphPay as executive vice president, chief partnership officer. Through the development and expansion of strategic ecosystem alliances and the leadership of TriumphPay's strategy for the shipper industry, Bouk will further establish TriumphPay as the most adaptable, universal, and secure transportation payment solution in the world.
With over 20 years of experience as a recognized senior leader in delivering expenditure management and payment solutions at the level of the global company, Bouk joins TriumphPay.
"Our strategic relationship with Trax advances our journey into the shipper vertical,” said TriumphPay president Melissa Forman. "We're excited that Josh has joined the TriumphPay team and look forward to our new relationship with Trax as we further leverage the strengths and capabilities of both companies to serve shippers; extending the TriumphPay vision of being the premier provider for freight, audit and payments in the transportation logistics space.”
“The TriumphPay network is truly revolutionizing the flow of financial data and payments in the transportation industry,” said Bouk. “I am beyond excited to bring my experience from working with Trax and its team of amazing industry professionals to this dynamic TriumphPay team, while simultaneously continuing to support Trax and other partners and network participants in North America today, and in the future around the world.”
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